Berlin-based challenger bank Penta has raised €2.2 million (or $2.7 million) in seed funding, the bank announced today.

The funding, led by London-based VC Inception Venture Capital, will be used to further expand Penta’s team, as well as product development, as reported today by TechCrunch.

The startup focuses on small- to medium-sized businesses, including startups, to offer them digital bank accounts. Penta seeks to provide a service that avoids the long account-opening process these companies typically go through, as well as payment fees or other expenses that startups might not be able to meet when first opening a bank account.

The company launched its platform, which runs off of the solarisBank platform — as opposed to holding its own banking license — in December 2017.

Read more at TechCrunch and Finextra.

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